This week, you have continued to study the accounting practices for governmental not-for-profit...

Question

This week, you have continued to study the accounting practices for governmental not-for-profit institutions. Now, you will apply this knowledge to the accounting practices for colleges and universities. Complete the following: Visit the Websites for three educational institutions.

A public university
A private university
A private liberal arts college

To the extent possible, explore their sources of revenue. Some institutions post an annual report on their website while others only recognize their donors. Which GASB standards apply to revenue accounting for these institutions? Do you see any specific problems? (You may wish to visit the GASB Website.) Which FASB standards apply to revenue accounting for these institutions? Do you see any specific problems? (You may wish to visit the FASB Website.)

Prepare a document that answers the following questions.

The name of the institution and the URL of the institution’s Website
The institution's sources of revenue
Accounting principles that apply to this institution's sources of revenue
Include information from GASB and FASB as appropriate.

This part of your project should be 1/2-1 page in length.

David · Accepted Answer

1 
 
Princeton University (http://www.princeton.edu/pub/profile/about/) is a private university 
which follows the FASB accounting principles along with guidance provided by AICPA for 
auditing purposes. The university raises it revenues mainly from tuition fees, government 
grants, private gifts, investments and pledges along with revenues provided by the sponsors 
of the government. It takes into account the principle of FASB ASC 958-310 in which the 
records are maintained for donor’s promises to give on unconditional basis. Also, there is 
classification of contributions into temporarily restricted, permanently restricted, and 
unrestricted which is sometimes difficult to identify (Princeton University Highlights, 2016). 
Williams College (https://www.williams.

This week, you have continued to study the accounting practices for governmental not-for-profit institutions. Now, you will apply this knowledge to the accounting practices for colleges and...

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